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Question - January 1, 2020, Glyso Company purchased machinery costing $136,000 and incurred $3,000 in installation costs. The machinery has an estimated useful life of 15 years and a residual value of $15,000. The company uses the straight-line method of depreciation. At the end of 2020, Glyso recorded depreciation and assessed the asset, determining a recoverable amount of $138,000. Gylso sold the equipment to Paper Corporation on June 30, 2021, for $140,000.
Required -
a) Prepare the necessary entry required by Glyso to record the purchase of the Machine on January 1, 2019.
b) Prepare necessary entries for Glyso on December 31, 2020.
c) Prepare the compound entry required for the sale of the Machinery on June 30, 2021.
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